We have a mortgage application with the “float” option checked for interest. Isn’t this the same as an ARM?
by Mortgage Rates on Wednesday, December 1st, 2010 | 2 Comments
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NOT at all.
It merely means you have NOT yet LOCKED in the fixed rate you will have, but are allowing it to float until whatever time you fix it.
TALK to your lender.
Generally you can lock it in whenever you want, but once locked, it is only good for a set amount of time, say 30 days.
No, it doesn’t mean you’re applying for an ARM. It means that your fixed rate is not yet “locked” and could change before you close on the house.